The role of the Treasury Board and the Treasury Board Secretariat is not to assess the project. The role of the Treasury Board Secretariat is to assess the contribution agreement that's negotiated between the parties. That means determining if the appropriate due diligence was done by the lead department in this case, if the appropriate management framework was in place in order to release the funding, and if they are compliant with Treasury Board policies.
On February 26th, 2008. See this statement in context.